Organizational Changes

The Financial controller is a very important person for any business organization. He/She is basically the corporate officer who is responsible for the business's accounting activities. Sometimes, he is also known as a comptroller. This position is usually filled by an accountant and more often than not, an accountant having a CPA designation. The position entails managing the finance of the company or in some cases, a government department. Since cash flow and money is the lifeline of any business, the financial controller is considered a very senior and important position for the company.

Various kinds of work are performed by the controller of the company. These aspects include: financial planning, preparing financial statements, budgeting, internal controls, computer systems and the presentation of the statements to the other members of the company. However, in the case of smaller companies, the financial controller may be involved in the day to day financial activities associated with everyday bookkeeping functions. Occasionally, human resource decisions are handled by the financial controller.

The financial controller may also be involved directly in the negotiation with insurance companies for a companies insurance and general workers compensation insurance requirements. This includes handling all claims and preparing the necessary documentation for and on behalf of the company.

There are various assumptions regarding the legal responsibilities and obligations of the financial controller. A controller has access to all the meetings held within the company. A controller also has access to all the information affecting the company's business. A financial controller usually presents useful information to end users who will use that information for decision making. This can include credit or investment decisions. The financial officer prepares the financial statements of a company for taxation and designated reporting periods.

Financial controllers use software extensively to manipulate accounts, store data and deliver the required information and reports. Software such as MIS, CRM, and Hitech are used by financial controllers in their day to day business activities. Every business organization thrives for money. Therefore, a person managing and controlling the flow of money to keep a record of the all the expenses and earning is important. For that purpose, a financial controller proves to be quite useful.

The finance controller is responsible for maintaining compliance with accounting rules and regulations. This includes taxation rules, reporting rules, and operating within any legal requirements specified by the relevant jurisdiction.

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